Finance Certification Prep
CFA Level 1
Practice Tests
Earn the gold standard in investment management credentials. Comprehensive CFA Level 1 practice exams covering all 10 topic areas — with AI-powered scoring and detailed explanations for every question.
Practice exams coming soon — explore our free guide below
100K+
Test takers per year
~40%
Level 1 pass rate
180
Exam questions
4.5 hrs
Total exam time
What's on the CFA Level 1 Exam
The CFA Level 1 exam has 180 multiple-choice questions split across two 2.25-hour sessions. Questions are mapped to 10 topic areas with specific weight allocations.
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Ethical & Professional Standards
15–20%
CFA Institute Code & Standards
The CFA Code of Ethics, Standards of Professional Conduct (all seven standards), GIPS performance standards, and professional conduct procedures. Ethics is the most important section.
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Quantitative Methods
6–9%
Statistics, probability, regression
Time value of money, probability theory, statistical measures, hypothesis testing, correlation, regression analysis, and time series analysis.
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Economics
6–9%
Micro, macro, international economics
Supply and demand, market structures, GDP and business cycles, monetary and fiscal policy, international trade, exchange rates, and economic growth.
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Financial Statement Analysis
11–14%
Accounting, financial reporting
Income statement, balance sheet, cash flow statement, financial ratio analysis, revenue recognition, inventory methods, long-term assets, deferred taxes, and pension accounting.
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Corporate Issuers
6–9%
Corporate finance, governance
Corporate governance, capital structure, capital budgeting (NPV, IRR), working capital management, dividends, and mergers & acquisitions.
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Equity Investments
11–14%
Equity markets, valuation
Market organization, security indices, equity analysis, industry analysis, company analysis, and equity valuation (DDM, relative valuation, free cash flow models).
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Fixed Income
11–14%
Bonds, yield, duration
Fixed income markets, bond features, yield measures, duration, convexity, credit analysis, securitized products, term structure of interest rates.
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Derivatives
5–8%
Options, futures, swaps
Derivative markets, forward contracts, futures, options (payoffs, put-call parity), swaps, and derivative valuation fundamentals.
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Alternative Investments
5–8%
Real estate, hedge funds, PE
Alternative investment categories, real estate, private equity, hedge funds, commodities, and infrastructure investing characteristics.
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Portfolio Management
8–12%
Portfolio theory, asset allocation
Portfolio theory (MPT), risk/return, capital market theory (CAPM, CML, SML), investment policy statements, and basics of portfolio planning.
⏱️Two 2.25-hour sessions, 90 questions each
💻Computer-based testing at Prometric centers globally
📅Offered in February, May, August, and November
🔄All three levels required for CFA charterholder status
How it works
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Step 1: Take the practice exam
180-question practice exams in two 90-question sessions matching the real CFA Level 1 format, with the same topic distribution.
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Step 2: Instant scoring
Detailed score breakdown by topic area — see your performance in Ethics, Equity, Fixed Income, FSA, and all other sections.
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Step 3: Detailed review
Every question reviewed with the correct answer, a clear explanation, and the underlying concept from the CFA curriculum.
Career outcomes for CFA charterholders
The CFA charter is the most respected credential in investment management. CFA charterholders earn significantly higher salaries across all finance roles.
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Portfolio Manager
The primary role for CFA charterholders. Manage investment portfolios for institutions, funds, or individuals. $100K–$250K+ depending on AUM.
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Equity Analyst
Research and analyze public companies for buy/sell recommendations. $85K–$180K at investment banks and asset managers.
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Investment Banking
Corporate finance, M&A, and capital markets. CFA adds credibility alongside MBA. $150K–$300K+ with bonuses at top firms.
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Risk Management
Credit risk, market risk, operational risk. Growing field with $90K–$160K average for CFA charterholders.
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Wealth Management
Private banking and financial advisory for high-net-worth clients. $80K–$200K+ depending on client assets managed.
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Global Opportunities
CFA is globally recognized — 170+ countries. Opens doors at international asset managers, sovereign wealth funds, and global banks.
CFA Level 1 preparation resources
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Complete CFA Level 1 Guide
All 10 topic areas covered with high-yield formulas, frameworks, and exam strategies.
Read the guide →
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Ethics Deep Dive
The CFA Code and Standards — ethics questions can push you from fail to pass. High-yield practice scenarios.
Coming soon
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Formula Sheet
All critical Level 1 formulas in one place — quantitative methods, FSA ratios, fixed income, equity valuation.
Coming soon